Fitch assigns Maison Bidco BB-

Fitch Ratings said it assigned Maison Bidco Ltd. (Keepmoat Homes Ltd.) a first-time long-term issuer default rating of BB- and a senior secured rating of BB+.

Maison Finco plc's plans to sell £275 million of senior secured notes, which is guaranteed by group entities including Maison Bidco, Keepmoat Homes and MCI Developments Ltd. Fitch rated the notes an expected BB+.

“The IDR reflects Keepmoat's solid business profile, which benefits from established collaborative business partnerships with local authorities and registered providers in sourcing land and delivering mixed-tenure residential developments. The high leverage resulting from the acquisition of Keepmoat by Aermont Capital (announced in August 2021) constrains the rating,” Fitch said in a press release.

The outlook is stable. The agency said it sees funds from operations leverage at 4x for the financial year to end-October 2021 (FY21), gradually reducing to below 3.5x in the next 24 months.

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